Posted: May 21st, 2010 | Author: admin | Filed under: Banking, Economics, Lobbyists, Wall Street | Tags: banks, derivatives, economy, financial reform bill, Glass-Steagall, Great Depression, lobbyist, recession, Senator Dodd, too big to fail | No Comments »
The Senate passed a financial “reform” bill today by a 59-39 vote which won't fix any of the core problems in the financial system, and won't prevent the next financial crisis.
The bill doesn’t include the Volcker Rule (it wasn’t even debated), doesn’t break up or even substantially rein in the too big to fails, and doesn’t force transparency in the derivatives market.
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Posted: February 8th, 2010 | Author: admin | Filed under: Corporation, Economics, Globalization, Wall Street | Tags: Congress, deregulatory, derivatives, economy, FSA, Glass-Steagall, Globalization, regulatory, Wall Street, World Trade Organization's Financial Services Agreement, WTO | No Comments »
Sure, American politicians have been bought and paid for by the Wall Street giants. See this, this and this.
And everyone knows that the White House and Congress – while talking about cracking down on Wall Street with strict regulation – have actually watered down some of the most important protections that were in place.
For example, Senator Cantwell says that the new derivatives legislation is weaker than the old regulation. And leading credit default swap expert Satyajit Das says that the new credit default swap regulations not only won’t help stabilize the economy, they might actually help to destabilize it.
But the U.S. is not being sold out in a vacuum.
On March 1, 1999, countries accounting for more than 90 per cent of the global financial services market signed onto the World Trade Organization’s Financial Services Agreement (FSA). By signing the FSA, they committed to deregulate their financial markets.
For example, by signing the FSA, the U.S. agreed not to break up too big to fails. The U.S. also promised to repeal Glass-Steagall, and did so 8 months after signing the FSA.
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Posted: January 30th, 2010 | Author: admin | Filed under: Banking, Economics, Wall Street | Tags: capitalism, credit, debt, deregulation, economy, Federal Reserve, fiat-paper money, free market, Glass-Steagall, government, inflation, Keynesians, paper money, Peter Schiff, The Fed, unemployment, Wall Street | 1 Comment »
Having failed to learn what causes depressions and how to treat them when they arrive, our nation’s leaders are steering us straight into a monetary catastrophe. Predictably, the major media voices are clinging to the assurances of Keynesians, who see new wads of debt and paper money and conclude that the good times are ready to roll again; don’t pay any heed to the millions still looking for work.
The free-lunch Keynesians even tell us how we got into the crisis and what saved us. Paul Krugman speaks for many when he blames market deregulation for the meltdown and hails the Fed’s printing press as our savior.
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